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Every new property developer hits the same sticking points. Not hundreds of them, five big ones. And once you can see them clearly, they stop being reasons to wait.
In this episode Bob Andersen and Hilary Saxton unpack the five questions that stall new developers: 1. How much equity you actually need (and the simple rule of thumb to work it out)
2. Why development finance is nothing like the retail finance you're used to
3. How to choose your patch and become the local expert
4. Why the profit is decided at the start with an accurate feasibility
5. Why you don't need to know everything, you just need the right people around you.
It's all delivered in plain English, including the leverage example that shows how putting in one fifth of the costs can turn a 20% project margin into a 100% return on your money.
In this episode:
- How much equity you actually need, with the one-fifth to one-sixth of GRV rule of thumb
- Leverage explained simply, and why financiers put in most of the money
- Development finance vs retail finance, and why your local bank isn't the lender
- Choosing your patch and becoming the local expert
- Why the profit is decided at the start, not the end, and how feasibility drives everything
- Building your team: the architect, town planner, engineers and builder, so you don't have to know it all
To learn more about our upcoming 3 day workshop, click here: https://www.propertymastermind.com.au/events/property-development-and-joint-ventures-workshop/
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